PiCK

Grayscale lists U.S.'s first multi-asset ETP tracking five major coins

Doohyun Hwang

Summary

Grayscale said it listed the United States' first multi-asset digital asset exchange-traded product (ETP) on NYSE Arca.
The product, the GDLC ETF, can diversify investments into the five digital assets with the highest market capitalization and liquidity: Bitcoin, Ethereum, XRP, Solana, and Cardano.
Investors can invest in a large coin basket without the procedures of directly storing or managing digital assets.

Digital asset (cryptocurrency) investment firm Grayscale listed the United States' first multi-asset digital asset exchange-traded product (ETP) on NYSE Arca.

On the 18th (local time), Grayscale said it converted its existing 'Grayscale Digital Large Cap Fund' into the 'Grayscale CoinDesk Crypto 5 ETF (Grayscale CoinDesk Crypto 5 ETF, ticker GDLC)' and began trading. GDLC is a product that allows diversification into the five digital assets with the highest market capitalization and liquidity: Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Solana (SOL), and Cardano (ADA).

This product tracks the 'CoinDesk 5 Index' calculated by CoinDesk, and by covering more than 90% of the total digital asset market capitalization, it provides investors with broad market access. It is designed to flexibly respond to market changes through quarterly rebalancing.

Peter Mintzberg, Grayscale's chief executive officer (CEO), said, "This listing is a historic milestone for the entire digital asset ETP market," adding, "Investors increasingly prefer ETPs with simpler and more transparent structures, and GDLC is an innovative product optimized for such demand."

GDLC was launched in 2018, began trading on OTCQX in 2019, and was registered as a reporting company under U.S. securities laws in 2021. Through this conversion listing, investors now have a way to invest in a large-coin basket without the complex procedures of directly storing or managing digital assets.